]]>The Cabinet Decision provided more detail with respect to the operation and compliance with the VAT law. The subjects covered by this decision included (but is not limited to): supply; registration; value; zero rating; exempt; recoverable input tax (non, full and apportionment); capital asset scheme; what to include on invoices and record keeping.

]]>This Federal Decree Law provided some clarification with regards to the detailed elements of VAT in areas such as: standard rate; supply; registration; concepts of date, place and value; zero rated; exempt supply; input tax; and record keeping.

]]>http://assentbc.ae/2017/12/22/federal-law-no-7-of-2017-on-tax-procedures/feed/0Federal Decree Law No. (13) of 2016http://assentbc.ae/2017/12/22/federal-decree-law-no-13-of-2016-26-september-2016/
http://assentbc.ae/2017/12/22/federal-decree-law-no-13-of-2016-26-september-2016/#respondFri, 22 Dec 2017 11:48:19 +0000http://assentbc.ae/wp/?p=159This Federal Decree Law establishes the Federal Tax Authority and clarifies the set-up, function, operation and scope of such. This law was executed on 26 September 2016 Click here for Federal Decree Law No 13 of 2016 – FTA

]]>http://assentbc.ae/2017/12/22/federal-decree-law-no-13-of-2016-26-september-2016/feed/0GCC – Common VAT Agreementhttp://assentbc.ae/2017/12/22/gcc-common-vat-agreement/
http://assentbc.ae/2017/12/22/gcc-common-vat-agreement/#respondFri, 22 Dec 2017 11:11:07 +0000http://assentbc.ae/wp/?p=137This agreement was made by the GCC in Riyadh 9-10 December 2015 and sets out the desire to implement VAT across the region and to establish a common legal framework. This agreement was exectued on 27 November 2016. Click here …

]]>http://assentbc.ae/2017/12/22/gcc-common-vat-agreement/feed/0Bookkeepinghttp://assentbc.ae/2017/12/21/our-mission/
http://assentbc.ae/2017/12/21/our-mission/#respondThu, 21 Dec 2017 14:17:01 +0000http://assentbc.ae/wp/?p=92With over 20 years experience in the fundamental skill of bookkeeping, we have kept books and records for hundreds of companies. Using ERP software such as Sage, Oracle and SAP as well as many other packages for SMEs. Having also …

]]>http://assentbc.ae/2017/12/21/our-mission/feed/0From 1 January 2018: Federal Law No. 7 of 2017 Article 4 requires “Any Person conducting any Business shall keep Accounting Records and Commercial Books” Are You Ready?http://assentbc.ae/2017/12/21/slider-2/
http://assentbc.ae/2017/12/21/slider-2/#respondThu, 21 Dec 2017 13:15:29 +0000http://assentbc.ae/wp/?p=66Federal Law now requires ALL businesses in the UAE to keep Accounting Records and Commercials Books. This is whether or not you are VAT registered. This is a major change in the way in which business has operated up until …

]]>Federal Law now requires ALL businesses in the UAE to keep Accounting Records and Commercials Books. This is whether or not you are VAT registered.

This is a major change in the way in which business has operated up until now.

The requirement to keep Accounting Records and Commercial Books is derived from a number of different sources but is fundamentally required to ensure that all Sales (Output) VAT and Purchase (Input) VAT is correctly declared to the FTA.

In addition to this, businesses not currently meeting the registration requirements for VAT have an obligation under Federal Law No. 8 of 2017, Articles 13, 17 and 19 as well as under Cabinet Decision No. 52 of 2017, Articles 7 and 8 to record their supplies to ensure that they are aware of when the option or obligation to register exists.

We provide Bookkeeping services and VAT compliance services for a fixed fee to help you meet the requirements of the Law.

]]>http://assentbc.ae/2017/12/21/slider-2/feed/0From 1 January 2018: Federal Law No. 7 of 2017 Articles 24-26 and 36-39 highlight the Penalties to be imposed on non-complying businesses. Does Your Business Comply?http://assentbc.ae/2017/12/21/slider-1/
http://assentbc.ae/2017/12/21/slider-1/#respondThu, 21 Dec 2017 13:14:38 +0000http://assentbc.ae/wp/?p=64Federal Law No. 7 of 2017 and Federal Law No. 8 of 2017 both identified many differing types of VAT penalties which businesses would be arising from non-compliance with the laws. For example, the above laws describe the following instances …

]]>http://assentbc.ae/2017/12/21/slider-1/feed/0FP&Ahttp://assentbc.ae/2017/12/21/fpa/
http://assentbc.ae/2017/12/21/fpa/#respondThu, 21 Dec 2017 11:22:47 +0000http://assentbc.ae/wp/?p=57You want your business to be profitable and reach is maximum potential, but you cannot do that without understanding the financial impact of all the decisions you want to make. You need to have information in order to set the …

]]>You want your business to be profitable and reach is maximum potential, but you cannot do that without understanding the financial impact of all the decisions you want to make. You need to have information in order to set the strategic direction of your business. This is where our FP&A service is your partner. We review and analyse your business and help you understand where you are, where you want to go and how to get there.

]]>http://assentbc.ae/2017/12/21/fpa/feed/0Book-Keepinghttp://assentbc.ae/2017/12/21/book-keeping/
http://assentbc.ae/2017/12/21/book-keeping/#respondThu, 21 Dec 2017 11:22:20 +0000http://assentbc.ae/wp/?p=55Every single business in the UAE now has an obligation under the Federal Tax Law to keep books and records. We are here to help. As expert book-keepers we use only qualified accountants and are the prime source for quality …

]]>Every single business in the UAE now has an obligation under the Federal Tax Law to keep books and records. We are here to help. As expert book-keepers we use only qualified accountants and are the prime source for quality and compliance.

We will keep your accounting books on your software, or ours if you do not have one (for free) and we will advise you of all records and items which you must keep in order to comply with the Federal Tax Authority Law thereby ensuring your compliance. We are you partner in achieving this objective.